Blockchain.com Announces Plans to Cut Russians from Its Services on January 1

Blockchain.com has announced that it will no longer serve Russian clients on its exchange platform. The wallet provider is one of the few companies that have now complied with the sanctions announced by the EU. According to RBC, the platform has released a statement informing Russian citizens of its latest move. The statement gave the targeted users a timeline for the next two weeks before the services of their respective accounts are cut.

Blockchain.com announces two week deadline

The report claims that users on the platform have a set deadline of October 27 to withdraw all their funds from the platform. After the deadline, their accounts will be temporarily suspended pending a new directive. The exchange specifically noted that with the new range of sanctions implemented by the EU against Russia, Blockchain.com has no option but to obey the directive. The new sanctions, announced weeks ago, saw the EU ban all crypto transactions and services offered to Russian citizens by companies in the region. Before that, the Union announced a ban on transactions over $9,700 into the country.

The exchanges continue to announce restrictions

Blockchain.com offers a variety of services on its website, including custodial and non-custodial storage. While the custodial storage allows the platform to hold the keys to users’ wallets, its non-custodial wallet option allows users to take control of their accounts. This means that the exchange has no control over the options of such users. Meanwhile, custodian account holders can sell, trade and buy digital assets of all varieties on the platforms while storing them under their watch. Although the statement was aimed at all Russian accounts, it remains unclear whether non-custodial wallet holders will be affected.

Aside from Blockchain.com, platforms such as Dapper Labs have also announced a halt in services to their Russian-based users. Platforms such as Crypto.com have also indicated that they will follow suit in the coming days. Localbitcoins implemented its restrictions on October 7, with Russian users cut off from both wallet services and general trading on the platform. Beforehand, the platform had massive support from its Russian customers, with more than 8% of volume coming from the region. Binance is also looking for ways to ensure it offers its Russian customers the best way out before complying with the directive from the EU. However, Bitfinex has fought back against the sanctions against regular Russian traders.